Real estate refinancings sink

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Overall mortgage applications dropped by nearly 12 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index decreased by 8.1 percent to 454.2 from 494.3 the previous week. The seasonally adjusted refinance index decreased by 16.8 percent to 1,816.9 from 2,184.6 one week earlier. The refinance share of mortgage activity decreased to 37.4 percent of total applications from 39.8 percent the previous week. The adjustable-rate-mortgage share of activity increased to 35.2 percent of total applications from 34.8 percent one week earlier. The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.21 percent from 6.32 percent one week earlier. Points including the originat...